Expense Management Software

Expense Management Software is a financial solution used to automate the analytical business approach for handling the cost of processing, paying, and auditing business overheads and governing business spending. From raising requests for traveling and spending money on business needs to performing analytics for eliminating expense-related frauds, an expense management system can manage it all end-to-end!

There is a cycle including a chain of processes that makes up expense management. The steps that an automated expense management software follows to streamline business expenses are in the following order:

• Employee logs expenses
• Submits expense details
• Gets approved/rejected
• If accepted, reimbursement done and reports prepared
• If rejected after digital audit trail, seeks justification for policy violation
• Cycle continues

Travel and Expense Management Software Software are cutting-edge solutions with a wide range of features to make the lives of HRs and finance professionals easier and more efficient. A few main features of the software are as follows:

• Multi-user functionality
• Travel policy compliant
• Receipt auto-scanning
• Email-receipt forwarding
• Expense auto-categorization
• Expense itemization
• Mileage expense recording
• Pay card integration
• Auto report creation & submission
• Expense theft control
• Automated approval workflows
• Advanced expense analytics

Besides making the expense management process faster, easier, and more effective, the software also proffers a gamut of other advantages such as:

• Enabling seamless collaboration
• Facilitating faster reimbursements
• Eliminating risk of delays & errors
• Providing a secure database
• Offering better transparency
• Simplifying reporting and analytics

The stepwise technique to implement an automated expense management system is
quite simple. First, you have to understand your viable options, do your
research, and be prepared. And once you get past the expense software selection, the next stage is
to take a demo of all the chosen software. Then, the final option needs to be
customized as per your business needs. You can now train your employees and hand
it over to pilot the expense management functions. After the expense software is
up and running, don’t forget to take valuable feedback from the users and make
changes based on the same within the software implementation timeline.